When it comes to long term businesses, the one thing which every well-established company likes to do is to invest in some good startups. Ford recently reported that it had spent more than $500 million into electric truck manufacturing startup called Rivian. The report shows that Ford has made this investment so that they can get the new battery-powered electric vehicles. Rivian is an emerging start-up which recently launched two new products in the automobile industry. The company launched all-electric pickup and SUV which now many analysts think can crush big competitors.
As we know, the automobile industry is going through some hardest period because many big companies like Ford, GM who are dependent on producing diesel and petrol consuming cars are now realized that electric vehicles will be the key of future. Ford is trying to change its major manufacturing plants also by the end of 2021; it will be able to produce its first fully electric powered cars and SUVs.
Now some experts think this investment might look big, but it will give the right amount of resources which Ford needs at this time. Currently like every other company Ford is trying to get ahead with production of electric vehicles, and that’s why with the help of Rivian it will be able to achieve the target as mentioned earlier very quickly.
Tesla Inc. is already ahead of other companies when it comes to producing electric cars, and that’s why now companies like Ford, GM is trying to beat it by acquiring similar startups. With this new investment, Ford has made its plan clear that they are ready to join hands with other companies if they are falling under their requirement criteria. RJ Scaringe, Rivian founder, and CEO said that this new deal is the foundation of a new partnership between Ford and Rivian which will change the automobile industry.
Paul is an American-based writer covering Latest business trends. Paul cover Business and media for many news sites. He has been breaking news and writing features on these topics for major publications since 2012. Paul prefers writing about business news keeping science and technology into perspective.